Romania sells 10-year Eurobond at 3.7% yield

Romania’s Finance Ministry raised EUR 1.25 billion at a 10-year Eurobond sale in international markets, at an annual yield of 3.7 percent. The raised amount is within the Ministry’s target range of EUR 1 - 1.5 billion. The auction started with an indicative yield of 3.99 percent, 255 basis points above mid-swaps, and the final yield obtained was 3.7 percent, 200 basis points above mid-swaps. Romania recently raised some RON 500 million – the equivalent of some EUR 111 million – via five-year bonds, with a yield of 4.59 percent a year. Banks subscribed a little more than the offer. The Romanian state raised similar bonds, worth some EUR 89 million, in mid-March, with a yield of 4.94 percent a year. In April, the state plans to raise some EUR 962 million by issuing bonds. According to Mediafax newswire, the Finance Ministry has mandated banks Citigroup, Societe Generale, UniCredit and ING to prepare a euro-denominated bond issuance with a ten-year maturity. editor@romania-insider.com